While Elliman and Corcoran have just released their 3rd Quarter reports on Manhattan, the current issue of The Real Deal that just dropped has an exhaustive analysis of the Brooklyn real estate marketâ€”so exhaustive that it’s hard to pick out just a few snippets here. Here’s some top-level stuff:
Overall, the median closed sales price in Brooklyn has already fallen back to 2005 levels, dropping 19 percent over the past two years, according to StreetEasy. Rental listing prices dropped 12 percent over the past year, not including all of the concessions landlords are throwing in these days. Meanwhile, a city tally early last month found that Brooklyn had more stalled construction sites than any other borough with 214 — a stunning 47 percent of all 448 projects citywide.
What else? Robert Knakal predicts prices have another 5 to 10 percent to fall, and another professional market watched looks on the bright side of things when he says, “it’s not going to be the end of the world if these [new condo developments] start selling at discounts. It’s going to provide much-needed affordable housing for the middle class, which doesn’t really exist right now.” In the neighborhood-by-neighborhood breakdowns, Williamsburg comes out looking in the worst shape in terms of distressed properties and supply glut. Still, even Park Slope has its share of bad news: The number of transactions there fell by almost half over the past year and listings prices are down 25 percent since 2007. Read on.
Toppling the King [The Real Deal]